Term
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Definition
| The management of processes used to design, supply, produce, and deliver valuable goods and services to customers |
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Term
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Definition
| A system of activities that transform inputs into valuable outputs. |
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Term
| Five Challenges in Operations Management (OM) |
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Definition
Lowering Costs
Improving Quality
Enhancing Product Desirability
Aligning OM with Company's Competitive Strategy
Evolving with needs of customers, competition, and tech. |
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Term
| 5 Characteristics of Goods |
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Definition
Tangible
Consistent Product Definition (Quality Stds)
Production usually separate from consumption
Can be Inventoried
Low Customer Interaction |
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Term
| 5 Characteristics of Services |
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Definition
Intangible Product
Inconsistent Product Definition (Different Products of Different Customers)
Produced and Consumed at the same time
Cannot be Inventoried
High customer interaction (customer participates in delivery) |
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Term
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Definition
| The organizations and activities involved in designing, transforming, consuming and disposing of goods and services |
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Term
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Definition
| The design and execution of relationships and flows that connect the parties and processes across a supply chain |
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Term
| Three External Groups Across Supply Chain |
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Definition
| Customers, Suppliers, and Stakeholders |
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Term
| Strategic Planning Questions |
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Definition
What business should we be in? and
How do we compete? |
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Term
| 4 ways to support the Strategic Business Unit Strategy |
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Definition
Competitive Priorities
Capabilities
Value Propositions
Critical Customers |
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Term
| The Triple Bottom Line of Sustainable Operations Management |
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Definition
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Term
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Definition
| AKA Design Capacity - the highest achievable level under ideal conditions for a limited time |
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Term
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Definition
| Achievable level under normal conditions for extended time |
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Term
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Definition
| How much available capacity is actually used |
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Term
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Definition
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Term
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Definition
AKA Expected Output - Maximum usable output given the plant's efficiency
RC = Effective Capacity*Efficiency |
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Term
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Definition
| Inventory = Flow Rate * Flow Time |
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Term
| Inventory Performance Metrics |
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Definition
Flow Time = $Inventory / COGS
Inventory Turns = 1 / Flow Time |
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